De La Rue, the British banknote printer, will boost its anti-counterfeiting business as it seeks to move on from a tough start to the year during which it lost out on a £260m contract to print the British post-Brexit blue passports.

The company said it had partnered with Optel, which specialises in traceability systems, particularly in the pharmaceutical industry, to extend its so called “track and trace” services.

In April De La Rue abandoned plans to appeal against the UK government’s decision to award its passport contract to French company Gemalto, which caused shares to dive by nearly a third.

However, last year De La Rue saw a 20 per cent rise in revenues in its product authentication division. Counterfeiting cost an estimated $1.2tn in 2017, according to Research and Markets.

“A key part of De La Rue’s strategy is growth within the Product Authentication market. Following the acquisition last year to create De La Rue Authentication Systems, this partnership with OPTEL further enhances the skills and capabilities to accelerate our ambitions in this sector,” said De La Rue chief executive Martin Sutherland.

Get alerts on De La Rue PLC when a new story is published

Copyright The Financial Times Limited 2021. All rights reserved.
Reuse this content (opens in new window)

Comments have not been enabled for this article.

Follow the topics in this article